Income tax clubbing provisions

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Querist : Anonymous

Querist : Anonymous (Querist)

21 November 2011 My wife earns interest on bank FD; the FD money was gifted by me to her. How will the clubbing provisions apply and how should i include the income in my ITR as TDS is deducted in her name. Kindly help.

Prof. Bajaj

Prof. Bajaj (Expert)
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21 November 2011 If you have made a gift to your wife, and she is earning FD interest on the same, it will be clubbed with your income.

Even if the TDS is deducted in her name, you can show it in your ITR.

For details you can contact on saurabh.nidhiinvestments@gmail.com

Regards
Prof. Saurabh Bajaj

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Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2011 If I show it in my ITR, will the tax not be charged twice as the TDS has already been deducted in my wife's name. Kindly specify.

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Prof. Bajaj

Prof. Bajaj (Expert)
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22 November 2011 You can claim the TDS back by filing a Nil ITR in your wife's name.